The greatest job market since 1999 continues to produce great paying jobs and raise the standard of living for all Americans. The Obama Boom which is considered the greatest economic miracle in human history, has reduced our unemployment rate from 9.8% to 9.4%! Clearly as things are looking great economically as some media outlets are claiming!
Overall, the economy rounded out 2010 with 1.1 million jobs added, the best yeah for hiring since 2007. And job growth is still trending upward, albeit very slowly, with an average of 128,000 a month jobs added in the last quarter of the year.
“The message here is, we are seeing improvement, and it’s a report that hints at more future strength,” said economist Robert Brusca of FAO Economics. “The glass may only be half full, but it is at least half full.”
This is an admission by the media and Progressive elites, they wish things were good. The reality we are living in a stagnant almost 3rd World like economy. Wages are declining and most new jobs are service jobs that don’t pay well. The only reason unemployment went down, was because people dropped out of the labor market. The media is trying to hide this fact and sell the jobs number as good.
WASHINGTON—The U.S. economy added fewer jobs than expected and more Americans dropped out of the work force in December, signs that employers are still slow to hire 19 months after the recession’s end.
Nonfarm payrolls rose by 103,000 last month as private-sector employers added 113,000 jobs, the Labor Department said Friday. The November number was revised up to show an increase of 71,000 jobs from a previous estimate of 39,000.
“The good news in this report is that December caps off an entire year of job gains in the private sector,” said Heidi Shierholz, economist at the Economic Policy Institute, a union-backed think tank. “The bad news is that, three full years after the recession officially began, we are still near the bottom of a deep crater.”
“The big decline in the jobless rate to 9.4% from 9.8% was due to a third consecutive decrease in the labor force, again not a sign that people are seeing their job prospects increase,” said Steven Ricchiuto, chief economist at Mizuho Securities.
Read the rest: Economy Adds Fewer Jobs Than Expected
America is the economic sick man of the global economy. Unless we stop borrowing money, end unneeded military commitments abroad and engage in massive tax and regulatory reform, we will continue to have a stagnant economy. The Progressive media will be pushing this Obama Boom theme hard. This is to create a perception that things are good to have him re-elected. When during the Bush era we had sub standard job growth 125,000-150,000 compared with other expansions, the media said the economy was bad. This created a perception that thinks were bad, even when it was OK and stable. Now that it’s Obama, 100,000 jobs a month will be called great growth. There is no Obama Boom but in the imagination of the Progressives. The problem is too many Americans may buy into this lie.
